During the financial year to 31st October 2017 the RUAS returned net incoming resources of £5,360,746. This result, which was published to coincide with the society’s recent annual general meeting, includes the revaluation of the commercial site at the King’s Hall Complex and is in line with the organisation’s financial projections.
The fixed assets of the group are valued at £25,315,775 reflecting the strong appeal of the King’s Hall Complex to developers, due in part to the investment made by the RUAS and the preparations undertaken, prior to bringing the site to market.
The additions to the society’s tangible fixed assets during the year amounted to £677,255. Future development at Balmoral Park will be phased-in in line with the capital receipts from the residential development at the King’s Hall Complex.
Speaking at the AGM, John Martin, chairman of the Finance Committee said that 2017 had been one of sustained progress for the society.
During the 12 months period covered by the latest set of annual accounts, the RUAS offset against tax £2,925,848 on charitable activities, including support costs.
These activities generated total revenues of £2,533,304 resulting in a net outgoing resource of £392,544. This result incorporates the cost saving and efficiency measures implemented by the society’s committees which will continue to be applied to all future charitable activities.
However, it underpins the need to secure enabling finance to support the core charitable activities of the organisation, which remains the delivery of its agri-events.
Of note the RUAS extended the duration of the Balmoral Show to four days in 2017, which was hailed as a great success, with significantly increased attendance both from the urban and rural communities.
During the financial year the society’s trading subsidiary King’s Hall Exhibition and Conference Centre Limited hosted a diverse portfolio of events generating enabling finance for the society’s charitable activities.
In addition, King’s Hall Harberton Estates Limited, generated capital funds which will enable the RUAS to implement the next phase of development at Balmoral Park.
The society established a third trading subsidiary company during October 2017, KH Balmoral Estates Limited, which will manage the commercial development of the King’s Hall and associated lands.
Mr Martin added: “We are now enjoying a new and aspirational period in the history of this great society. Council and finance committee are carefully steering the financial path for the RUAS, so that the objectives set by our membership for future generations will be realised.
“We have a talented and committed staff, a dedicated council and a membership who have embraced change for the betterment and long term sustainability of this society.”